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The Role of the State

Regulation

Crypto-Influencers Give Poor Investment Advice — and the SEC is Taking Notice

Joseph Pacelli
New research reveals that cryptocurrency advice from social media influencers could lead investors to lose money on average. Are regulators doing enough to protect...
Antitrust and Competition

It’s OK to Ask for Help: An Antitrust Rooney Rule

Barak Richman
The Stigler Center’s 2023 Antitrust and Competition conference seeks to answer the question: what lays beyond the consumer welfare standard? In advance of the discussions, ProMarket is publishing a...
Commentary

How To Really Fix Banking

Laurence Kotlikoff
Laurence Kotlikoff and Rick Miller argue that banking as we know it is dying. It’s time to arrange a smooth transition to limited purpose...
Antitrust and Competition

Structuring a Structural Presumption for Merger Review

Filippo Lancieri
The consumer welfare standard can’t be saved with more theory. The problem is how it works in practice, and solving that means changing the...
Antitrust and Competition

Race and the Consumer Welfare Standard

Bennett Capers
The consumer welfare standard employs a collective consumer in its model when evaluating possibly anticompetitive behavior. This aggregated approach fails to recognize that such...
Antitrust and Competition

Today’s Tax Code Empowers Monopolistic Corporations. It Has Been and Can Be Different

Niko Lusiani
Niko Lusiani and Susan Holmberg write that the United States should tax profitable corporations not just to raise revenue and redistribute unequal gains but...
Antitrust and Competition

The Effective Competitive Constraint Standard

Stavros Makris
The consumer welfare standard, which broadly considers higher output and lower prices as its primary goals, is not well equipped to monitor the numerous...
Antitrust and Competition

Locating Competitive Process Claims in the Consumer Welfare Debate

Andrew I. Gavil
Debates about the consumer welfare standard have failed to produce a consensus around either its scope or an alternative standard. Regardless of the outcome...
Antitrust and Competition

The Life of Antitrust’s Consumer Welfare Model

Herbert Hovenkamp
“Consumer welfare” as an objective of antitrust law and regulation has its origins in several vague and even conflicting ideas of how to evaluate...
Regulation

Changing Accounting Rules for Banks can Incentivize Better Risk Mitigation

Brooke Fox
Accounting procedures for held-to-maturity assets in banks allows them to avoid taking losses. Research from professors Bischof, Laux, and Leuz shows how forcing banks...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.